Singapore: Why we give top priority to fighting income inequality
Singapore is keen to check whether the income gap has widened in the last decade. Being one of the most advanced countries in Asia, Singapore’s efforts are now focused on seeking to close any social gaps that are in existence. It is for this reason that the country also makes it easy for foreigners to obtain an entrepass as they come to seek employment and invest in Singapore.
Globally, the income inequality gap has increased, and Singapore has not been spared from the necessity of addressing this challenge. According to official reports from the government, this inequality gap has seen a slight improvement and decrease, but now all stakeholders want more efforts to close it. In the recent past, the lowest pay has increased by over 40 percent for both locals and foreigners under entrepass. Singapore as a country has progressively set measures that continue to close the gaps.
The Safety Net
The state has been working diligently on ways to boost the opportunities for people with low incomes. These efforts include better education, including outsourcing skills from outside, improved healthcare for all and affordable home improvement. If you ever wonder why Singapore encourages foreigners to invest in real estate in a highly regulated way, it is one effort to improve this gap.
People from a less fortunate background can benefit from such programs so that they can equally compete for income opportunities with any other Singaporean or foreigner in the country. Through these efforts, the state also works to subsidize and supplement resources for its citizens and for foreigners in the country legally. Notably, the retirement benefits system is one of the best in the region because the government tops up retirement money in a better way.
It has been a gradual journey where Singapore has made numerous positive reviews of the new funding schemes to close the income inequality gap. For instance, NIRC (net investment return contribution) is one of the most successful safety-net projects in the country.
Social Mobility
Even though the country agrees that any economy must have some income inequality, social mobility can help to close such a gap. However, income inequality lets people work hard to reach the status of their fellow citizens. The controlled issuance of the entre pass to foreigners allows this state to bring on board skills that help their citizens grow. They set a benchmark and let the society grow upwards.
The policies set in the country encourage social mobility and promote mature society to thrive. Some of the efforts include education, encouraging investment and promoting better working relations. Regardless of parental income, quality education is a must for every child in Singapore. They accomplish this through a subsidized education system or financial assistance schemes. Singapore also notes that social mobility is more successful than in many other countries.
Social Integration
Singapore values cohesion and living as one society. People can share ideas, values, and experiences. When investors come on board, they discuss what they have on the table and hire locals with the right skills. The team becomes one and works for the benefit of all parties.
There are numerous efforts that are made to bring the many cultures together and appreciate one another in the growth of the nation. It does not matter where you come from or your race. It is through working, living and studying together that Singapore stands as one. The housing policies, for instance, encourage social and ethnic integration to work well. Expats and foreigners who get an entry pass to work and invest in Singapore can live where they want without any problems.
Concerted Efforts
People in Singapore live in harmony in all neighborhoods. It is easy to visit any hawkers’ market irrespective of race, background and social group and enjoy all the amenities. People from different backgrounds can enjoy the various neighborhood activities organized by the People’s Association.
Further, all people of Singapore work to serve their nation by defending its values and interests. With all these efforts, the level of income inequality has been going down and will continue to do so.
Singapore is keen to check whether the income gap has widened in the last decade. Being one of the most advanced countries in Asia, Singapore’s efforts are now focused on seeking to close any social gaps that are in existence. It is for this reason that the country also makes it easy for foreigners to obtain an entrepass as they come to seek employment and invest in Singapore.
Globally, the income inequality gap has increased, and Singapore has not been spared from the necessity of addressing this challenge. According to official reports from the government, this inequality gap has seen a slight improvement and decrease, but now all stakeholders want more efforts to close it. In the recent past, the lowest pay has increased by over 40 percent for both locals and foreigners under entrepass. Singapore as a country has progressively set measures that continue to close the gaps.
The Safety Net
The state has been working diligently on ways to boost the opportunities of people with low incomes. These efforts include better education, including outsourcing skills from outside, improved healthcare for all and affordable home improvement. If you ever wonder why Singapore encourages foreigners to invest in real estate in a highly regulated way, it is one effort to improve this gap.
People from a less fortunate background can benefit from such programs so that they can equally compete for income opportunities with any other Singaporean or foreigner in the country. Through these efforts, the state also works to subsidize and supplement resources for its citizens and for foreigners in the country legally. Notably, the retirement benefits system is one of the best in the region because the government tops up retirement money in a better way.
It has been a gradual journey where Singapore has made numerous positive reviews of the net funding schemes to close the income inequality gap. For instance, NIRC (net investment return contribution) is one of the most successful safety-net projects in the country.
Social Mobility
Even though the country agrees that any economy must have some income inequality, social mobility can help to close such a gap. However, income inequality lets people work hard to reach the status of their fellow citizens. The controlled issuance of the entrepass to foreigners allows this state to bring on board skills that help their citizens grow. They set a benchmark and let the society grow upwards.
The policies set in the country encourage social mobility and promote mature society to thrive. Some of the efforts include education, encouraging investment and promoting better working relations. Regardless of parental income, quality education is a must for every child in Singapore. They accomplish this through a subsidized education system or financial assistance schemes. Singapore also notes that social mobility is more successful than in many other countries.
Social Integration
Singapore values cohesion and living as one society. People can share ideas, values and experiences. When investors come on board, they discuss what they have on the table and hire locals with the right skills. The team becomes one and works for the benefit of all parties.
There are numerous efforts that are made to bring the many cultures together and appreciate one another in the growth of the nation. It does not matter where you come from or your race. It is through working, living and studying together that Singapore stands as one. The housing policies, for instance, encourage social and ethnic integration to work well. Expats and foreigners who get an entrepass to work and invest in Singapore can live where they want without any problems.
Concerted Efforts
People in Singapore live in harmony in all neighborhoods. It is easy to visit any hawkers’ market irrespective of race, background and social group and enjoy all the amenities. People from different backgrounds can enjoy the various neighborhood activities organized by the People’s Association.
Further, all people of Singapore work to serve their nation by defending its values and interests. With all these efforts, the level of income inequality has been going down and will continue to do so.
